The deal is worth approximately €5 million (US$5.3 million). The acquisition by MDI is part of the firm’s long-term growth strategy and an effective entry into the Scandinavian region. Master Drilling stated that with Bergteamet’s dominant market share in Sweden, Norway and Finland, the company will continue to diversify into the European market. Bergteamet owns a fleet of 18 raisebore drilling rigs and the company is ranked in the top five globally.

Danie Pretorius, CEO of Master Drilling, said: “We have seen a global demand for our specialised services and in diversifying our operations; we have to look beyond organic growth. The partnership with Bergteamet will strengthen our position and entry into new markets, with a continued growth strategy.”